Common use of Exclusivity Payments Clause in Contracts

Exclusivity Payments. (a) In consideration of SeaWorld agreeing to the exclusivity arrangements set out in Clause 3.1 (Exclusivity) until 31 December 2018, ZH shall pay SeaWorld: (i) for the period from the Effective Date until 31 December 2017, one million US Dollars (US$1,000,000) within thirty (30) Days of the Effective Date; and (ii) for the period from 1 January 2018 until 31 December 2018, one million five hundred thousand US Dollars (US$1,500,000) on or before 1 January 2018. (b) If ZH wishes to exercise its option to extend the exclusivity arrangements set out in Clause 3.1 (Exclusivity) until 31 December 2019, in consideration of SeaWorld agreeing to extend the Initial Exclusivity Period until such date, it shall pay SeaWorld one million five hundred thousand US Dollars (US$1,500,000) on or before 31 December 2018 (the “Exclusivity Extension Fee”). (c) If the Parties mutually agree to extend the Initial Exclusivity Period beyond 31 December 2019, the consideration payable to SeaWorld in respect of SeaWorld agreeing to such extended exclusivity period shall be as mutually agreed between the Parties.